Key Takeaways Netflix posted 18% Q4 revenue growth and ended 2025 with 325 million paid subscribers.Netflix guides 12-14% revenue growth for 2026 as content costs and a studio deal lift expenses.Free cash flow is seen at $6B in 2026, down from $9.5B, as spending ramps up early in the year.Netflix (NFLX) delivered a strong fourth quarter of 2025, but the road ahead is defined by a deliberate tradeoff: spend more to grow more. Whether that calculus works in investors' favor depends on how well the streaming g ...